If you have a short credit score and need a loan, you are in the right place. That may have been a problem lately, as some of the lower interest options don’t accept people with scores below excellent. Upgrade Personal Loan comes to break that pattern and offer some advantages even for those with fair credit.
Their loan requirements are much softer and make some of their features – like fee discounts, direct payment to lenders on debt consolidation loans, and extra-long payment terms on home remodeling loans – stand out even more.
Are you ready to understand how to get approved, main advantages and cons of using Upgrade Personal Loan? Read on to find out everything you need before trying to get a loan of your own and achieve your personal goals.
Upgrade Personal Loan
Fixed APR 7.46-35.97% Minimum credit score of 560How does Upgrade Personal Loans
Upgrade offers personal loans to borrowers in every state except Iowa, West Virginia and Washington, DC. In addition, it is worth noting that loans range in value from $1,000 to $50,000 and are funded within 24 hours.
Upgrading is a good option for people who need money quickly, but it gets a little difficult when it comes to the fee portions-where there are origination fees ranging from 2.9% to 8%, and borrowers can face high annual percentage rates (APR).
Who is Upgrade Personal Loans for?
The Upgrade Personal Loan is ideal for those who need smaller loans between $1,000 to $50,000, and is also ideal for helping borrowers with fair credit get approved.
Many of the times a borrower has no way of getting an assertive loan with a good rate by having a bad credit score. With Upgrade Personal Loan it is different, where he can indeed get this – plus it makes it easier to qualify or get access to a lower rate.
Main Advantages for Upgrade Personal Loans
Upgrade Personal Loan can help you get the financing you need for a variety of purposes and with a few more advantages. For starters, most of their loans have very affordable and lower rates due to the short repayment period. Check out some other pros below:
- Various rate discounts
- Allows joint applications
- Secured and pooled loans
- Low minimum loan amounts
- No pre-payment penalty fees
- Offers direct payment to third-party lenders
- Mobile application to manage loan payments
- Long repayment terms on home improvement loans
Cons for Upgrade Personal Loans
Certainly Upgrade Personal Loan is not perfect. For starters, they charge a high origination fee that can go from 1.85% and as high as 8% – all of which can be taken by the lender out of the total loan amount before you even receive the funds, reducing the total loan amount.
Another point is that there is no ability to choose the payment date of the loan, as the lender assigns you a fixed payment date with no right to change it – unlike many other lenders who allow borrowers to choose a payment date that is ideal for them.
Requirements for Upgrade Personal Loans
To apply for an Upgrade personal loan, you must be:
- Average annual income: $80,000
- Minimum credit score of 560
- At least 18 years old in most states
- Able to provide a valid email address
- Able to provide a verifiable bank account
- Minimum credit history time of two years
- A US citizen or permanent resident, or living in the US on a valid visa
You can apply directly on the Upgrade Personal Loan website. There you will have to fill out a form with basic information before getting an approval.
How to Apply
The Upgrade Personal Loan qualification process actually begins with an online form that you must fill out with some personal information on their website.
You will need to take your documents, scan them, and submit them, awaiting a response from the bank. In less than 48 hours you will have a positive or negative result.
Conclusion
In conclusion, Upgrade Personal Loans offer a viable option for individuals with fair credit scores who need quick access to funds ranging from $1,000 to $50,000. Here’s a summary of what you need to consider:
Pros:
- Accessible to borrowers with fair credit.
- Quick funding within 24 hours of approval.
- Flexible loan purposes including debt consolidation and home improvement.
- No pre-payment penalties.
- Offers direct payment to third-party lenders.
Cons:
- Origination fees can range from 2.9% to 8%, affecting the total amount received.
- Fixed payment date assigned by the lender, without flexibility to choose.
Before applying, ensure you meet the minimum requirements and carefully weigh the costs associated with the origination fees against the benefits of quick access to funds and flexible repayment options. Evaluate your financial situation and goals to determine if an Upgrade Personal Loan is the right fit for your needs.
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